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the u.s. rome before the fall? good morning, i'm christine romans. movies like "gladiator" depicted rome at height of its supremacy, but the last time i checked the roman empire is ancient history. how does this turn into this? historians tell us the romans, like many civilizations before and after, collapsed under the weight of too much debt, an overextended military, debilitating partisanship and fiscal irresponsibility drove the roman empire into the ground. does any of that sound familiar? the u.s. currently has $16 trillion in debt, up from less than $1 trillion in 1980. driving that debt, tax cuts for the rich, two expensive wars in the middle east and prolific spending to blunt an economic downturn. meanwhile in washington, a congress that goes back to work to do nothing. on top of what we already owe, there's another $20 trillion to $50 trillion the government will immediate to fulfill its promises on social security and medicare as the baby boomers retire. >> i don't think it's just for the next generation for us to pass on massive debts that we've amassed. >> reporter: and
and importantly in their 401(k)s have become 201 ks, they need robust stock returns. if we're going to get wage growth and jobs growth clearly we have to do, as the guest said, we have to restore the manufacturing base. one good news i have in this triple zero economy, i think going forward the next decade for stock returns will be a lot better than the last decade. the reason is simple and somewhat troubling. first of all, if you think about the stock market here in america, it's physically located here but increasingly, its returns are located elsewhere. >> sorry to interrupt you. the very thing that's been a trend many would say hurtful for american workers is the thing that can help american investors because these are companies that don't necessarily need american workers. >> yeah. that's exactly right. it is troubling in one sense but it is good news. it used to always matter whether the american economy was growing robustly. we settled from a 3 1/2% rate to 1 1/2% rate. companies are adjusting. companies are right-sizing and facing an era now they don't have to pay wage increases they've
with us, ceo of comeback mark initiative and former u.s. comptroller. let's start with you. the gop says the president has racked up an unforgivable almost $6 trillion in debt in one term. that number is true, but is it all obama's fault? >> no. the truth is that george walker bush or 43 and president obama have both been fiscally irresponsible. 2003 was the year things started spinning out of control. but the debt clock really low balls our problem. >> you said 2003. we haven't talked about medicare part d. that wasn't in my chart. both parties loved medicare part d. was that the beginning, you think, of this debt explosion? >> christine, three things happened in 2003. individually they were irresponsible, in combination they were reprehensible. we had a second round of tax cuts we couldn't afford because we already returned the deficits. we invade a sovereign nation without declaring war, without paying for it called iraq. medicare prescription drugs was passed that added $8 trillion in new unfunded promises when medicare was already unfunded by $20 trillion. >> he's talking back in 20
, down. they were 90%, 80% on the rich in the '50s during the clinton era and 28%. today they are around 18%, but most of the rich like romney don't pay that. they pay even less so what we have is a trickle up theory. give tax breaks to the rich and they will take the money, and they will do things, not jobs. they say they will create jobs, but that's in the in fact what they do. >> okay. >> all through the bush years, all through the bush years taxes, you know, they -- they were given back to the rich and we lost jobs. the great recession happened under bush's watch with his tax policies in place. >> okay. so ben care tid one step further to a conspiracy. one that i won't disagree with to start. let's say this. you're right. republicans are responsible for putting in place the earned income tax cred wind and reducing the level of taxation on the poor so it's a little disheartening to hear michele bachmann or mitt romney in the speech suggest it's a problem that so many people don't pay taxes. what we want is fewer people paying taxes, and those that day paying less. ben said that's a co
're much better off now than we were in the 1950s and '60s. but one of the big differences, i always say, is in the '50s and '60s people thought we were moving in the right direction. people thought they could handle their problems. the reason i think people feel sort of the way they do now, it's almost like a psychological depression is that they feel we're either stagnating or going backwards. they don't feel we have a handle on our problems. that's a big difficulty. >> bob herbert, robert samuelsson, both give the president a c plus. the president himself gave an incomplete. i think voters will give him the final grade in november. gentlemen, thank you so much. >>> coming up -- >> they believe in teachers unions. we believe in teachers. >> can you support teachers but not teachers unions? we'll ask the country's biggest teachers union praer later nba superstar dwyane wade's other job. his advice to other dads and what he tells his kids about money. [ pilot ] now when you build an aircraft, you want to make sure it goes up and stays up. [ chirp ] with android apps, you get better quali
Search Results 0 to 9 of about 10 (some duplicates have been removed)

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